Swedish economy picked up speed in August

Swedish economy picked up speed in August, according to preliminary figures.

GDP (gross domestic product) grew by 1.1 per cent in August compared to July, according to Statistics Sweden (SCB). Compared to August last year, the growth rate was 0.7 per cent.

"Sweden's gross domestic product grew in August, driven among other things by higher production among service-producing industries and increasing household consumption", says Neda Shahbazi, national economist at SCB, in a press release.